Solidion Technology Inc. (NASDAQ:STI) Short Interest Down 35.5% in August

Solidion Technology Inc. (NASDAQ:STI) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totaling 83,110 shares, a decrease of 35.5% from the August 15th total of 128,850 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 56,058 shares, the short-interest ratio is currently 1.5 days.

Insider Buying and Selling

In related news, Director Karin-Joyce Tjon acquired 5,000 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $7.20 per share, with a total value of $36,000.00. Following the acquisition, the director directly owned 58,053 shares in the company, valued at $417,981.60. The trade was a 9.42% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by corporate insiders.

Solidion Technology Stock Up 0.9%

Solidion Technology stock traded up $0.06 during mid-day trading on Thursday, hitting $6.61. 27,630 shares of the stock were exchanged, compared to its average volume of 1,069,448. Solidion Technology has a 12 month low of $2.94 and a 12 month high of $46.00. The firm’s fifty day simple moving average is $7.19 and its two-hundred day simple moving average is $7.93. The stock has a market capitalization of $56.25 million, a price-to-earnings ratio of -0.51 and a beta of -0.01.

Solidion Technology (NASDAQ:STI) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.35) EPS for the quarter. The firm had revenue of $0.12 million for the quarter.

Solidion Technology declared that its Board of Directors has initiated a share repurchase plan on Monday, September 14th that allows the company to repurchase $1.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have issued reports on STI. Weiss Ratings downgraded Solidion Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, August 27th. Wall Street Zen cut shares of Solidion Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Solidion Technology has a consensus rating of “Sell”.

About Solidion Technology

Solidion Technology, Inc (NASDAQ: STI) is a battery technology company focused on developing next-generation energy-storage solutions. Its work centers on solid-state battery technologies and advanced battery materials intended to improve energy density, safety, charging performance and operating range compared with conventional lithium-ion batteries.

The company’s technology portfolio includes solid-state battery designs, silicon-based anode materials, lithium-metal anodes and other advanced battery components.